DENVER – One of Denver’s fast-growing neighborhoods is going to get some much-needed affordable housing.
The Urban Land Conservancy is teaming up with developer Medici Consulting Group to build the 65-unit Walnut Street Lofts next to the 38th and Blake transit station.
The Denver Post reported the apartments will be rented out to tenants who make 30 to 60 percent of the metro area’s median income, with rents starting at $400 per month for a one-bedroom and $1,200 for a three-bedroom unit.
Under the agreement, ULC will sell the development rights to Medici but will retain ownership of the land under a 99-year ground lease. ULC purchased the property in 2011 and earlier this month, the organization received a 9-percent tax credit from the Colorado Housing and Finance Authority.
ULC expects construction to begin on the Walnut Street Lofts in late 2018. The total project cost is estimated at $17 million.